The UK government has set a 2030 deadline for Great British Energy to become self-financing, outlining a long-term strategy for the state-owned company to generate commercial returns and reinvest profits in domestic clean energy projects.
Announced by Energy Secretary Ed Miliband on Monday, the objectives form part of the government’s wider clean power mission and were agreed in consultation with devolved administrations.
“It is time to make things and own things in Britain again,” Miliband said. “That’s why we have set up Great British Energy to be a new national champion and allow us to reap the benefits of Britain’s abundant natural resources.”
The company, established under legislation passed in May, is tasked with acting as a developer, investor, and owner of clean energy infrastructure. It will operate alongside private firms, local authorities, community groups, and devolved governments to scale up the UK’s renewable power sector.
“Great British Energy will place working people, communities and British industries at its core, turbocharging clean energy across the country as part of our clean power mission,” Miliband added.
The company is currently investing approximately £200 million in solar and other renewable projects for public buildings, including schools and hospitals, where installations have already begun to reduce energy bills.
Chief Executive Dan McGrail said preparations to meet the government’s objectives are already underway.
“Work is already underway at Great British Energy to deliver our strategic plan, and we welcome the Secretary of State’s recommendations,” McGrail said. “Most of the clean energy projects in the government’s industrial strategy will flow through Great British Energy, enabling us to be the green growth engine for the UK.”
He added the company plans to invest £1 billion in domestic supply chains, with expectations to leverage additional private capital and create thousands of jobs.
The strategic plan, which will be published within six months, will focus on three areas: investment in key technologies aligned with the Clean Power 2030 target, support for UK-based supply chains, and backing for local energy initiatives under a new Local Power Plan.
The company has also joined with the National Wealth Fund, the Crown Estate, and other partners to co-invest in offshore wind and other renewables, including a £1 billion commitment to boost UK offshore wind supply chains.
